I only use one of each, a bare and a fletched. Just shoot them multiple times. You're right, though, you can do it exactly as you say. However, I don't trust one shot to be an indicator of anything, so I shoot a few shots to verify what I'm seeing.
You're also right that you can see which way a shaft is leaning in flight. I've also seen guys totally mess up their form trying to watch the shaft fly. But I can guarantee you get the same results by focusing on where the groups are in relation to each other, maybe even better. It's difficult to tell exactly how much lean a shaft has in flight.
For example, I know that if I'm 6" right or left at 20 yards with a bare shaft, that equals about 50 grains of point weight or an inch of shaft. I don't know how that translates into shaft lean.